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WLL Crosses Critical Technical Indicator
By Energy Stock Channel Staff, Monday, October 3, 11:32 AM ET
In trading on Monday, shares of Whiting Petroleum Corp (NYSE:WLL) entered into oversold territory, changing hands as low as $31.79 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of Whiting Petroleum Corp, the RSI reading has hit 26.8 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 38.3, the RSI of WTI Crude Oil is at 39.7, and the RSI of Henry Hub Natural Gas is presently 36.4.
A bullish investor could look at WLL's 26.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), WLL's low point in its 52 week range is $31.79 per share, with $75.91 as the 52 week high point — that compares with a last trade of $32.24. Whiting Petroleum Corp shares are currently trading down about 8.2% on the day.
According to the ETF Finder at ETF Channel, WLL makes up 1.20% of the SPDR S&P Oil & Gas Exploration & Production ETF (AMEX:XOP) which is trading lower by about 3.4% on the day Monday.
See what other ETFs contain WLL »
See what other stocks are held by XOP »
WLL operates in the Oil & Gas Exploration & Production sector, among companies like SM Energy Co. (NYSE:SM) which is off about 1.8% today, and Ultra Petroleum Corp. (NASDAQ:UPL) trading lower by about 5.2%. Below is a three month price history chart comparing the stock performance of WLL, versus SM and UPL.
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